Feature/OPED
Buying Naira with Naira, Rantings And Musings
By Prince Charles Dickson PhD
Under pressure we wail under pressure, under pressure black people under pressure, under pressure Nigerians under pressure. No food in we belly, no money in ah we pocket, no bed we lay we head.
The people dem are suffer, in ah ghetto, in ah city, everywhere dah me go oh, me see them, some are cry, some are die, some are weeping! Some are wailing! Everywhere dah oh eh. Under pressure we wail under pressure, under pressure everybody under pressure, Ras Kimono Under Pressure
You see the Nigerian looks upon Nigeria as a theatre and the entire population representing and manifesting the full spectrum of acts and actors. In this revelry, life is the theatre; the nation is the stage upon which we perform. The politicians and a few of us are the actors, very often mediocre. When stars appear, it is more often because a play must have a star rather than because the player is possessed of some dramatic genius. We saw it with Obasanjo, we saw it with Mr Yar’adua, and with the shoeless one, we are seeing it with the soon-to-end Mr Buhari. We falter and we muff our lines; sometimes our performance takes on an aspect of the grotesque-nobody takes this seriously because it is perceived as being the nature of the play. Our people become the audience.
I once watched with bemusement a deaf and dumb boy who caught his mom with a stranger in bed. When his father came home, the poor young boy was at a loss on how to communicate his discovery. After several futile attempts, the boy ceased trying. The father, on the other hand, patted him, walked into the bedroom and was scolding the wife, he asked her why she was sick, rolling on the bed and could not call for help from the neighbours or the family doctor.
I am not going to talk about the currency redesign brouhaha, because as good a policy as it supposedly is, again, it has exposed the gross behavioural nature of some Nigerians. The central bank, the commercial banks, the bankers, the PoS Operators and the general populace are guilty of varying degrees of culpability.
And, then the fuel palaver, the same one that once upon a time Minister of Information and Culture, Lai Mohammed, said: “This is the winter period. There is always more demand for refined products from petroleum during winter in colder countries. This is what we are experiencing now.” Today, I guess it is winter in those places again. And at the black market, the usual trend, is certainly high petrol prices, unavailable and weak Naira, low minimum wage and increasing poverty.
Legislators are neither here nor there; governors’ are not sure where they stand. In all the noise the product disappears. Transportation fare increases, food prices skyrocket…a nation that has a disconnect between the ruled and its rulers, like the deaf and dumb boy, his mother, the stranger and his father.
The fact is, our currency wahala, and fuel palaver are not the government’s problem. What are we really subsidising? Is it the high cost of energy or unavailable petroleum products? Nigerians are tired, hungry and not in protest mode. There’s no fuel scarcity but fuel criminality because leadership lacks the will.
Where are the refineries promised, all gone with the wind called Turn Around Maintenance! There is no PMS in the fuel station, but unregistered marketers/blackmarkers all have the commodity… a continued rationalisation and justification of absurdities like a commentator put it. It is even more disheartening when the intellectual effort and voice of elites are at the heart of such theatricals due to ethnoreligious cleavages birthed by economic disenfranchisement.
Our major problem is the lack of leadership manifesting itself in every facet of our human endeavours. Some of these areas may be fixable in future if we get the right people with the right policies but how do you fix the future of the mass population of our children who are not getting educated today?
The future of Nigeria is bright, and interesting but scary if we reflect on it. Teachers are illiterate; students can’t go to school because schools are closed down, and alternatives are unaffordable, the change is bleak…
The fuel management chain is a lucrative cankerworm of corruption, our banking system is not exactly different, a serious government can yet tackle it, it’s beyond committees and white papers. It’s action; only action can stop the rot. Nigerians can, I believe we can but we don’t know that we can, and doubt if we are ready.
The reason is simple…we are not just part of the problem, in some cases, we are the problem, when Sunny Okunsun sang;
Which way Nigeria, which way to go? I love my fatherland, o yeah, I want to know; Yes, I want to know. I love my fatherland, which Nigeria is heading to? Many years after independence, we still find it hard to start. How long shall we be patient still we reach the promised land? Let’s save Nigeria, so Nigeria won’t die. Which way Nigeria? Every little thing that goes wrong, we start to blame the government. We know everything that goes wrong, we are part of the government.
Which way Nigeria is heading to? Inefficiency and indiscipline is ruining the country now; corruption here there and everywhere, inflation is very high. We make mistakes in the oil boom, not knowing that was our doom. Some people now have everything, while some have nothing. Which way Nigeria, which way to go?
I end with this encounter, a politician was charged with profanity for calling an opponent a bastard: the politician retorted, “When I call him s.o.b I am not using profanity. I am only referring to the circumstances of his birth”. What is the circumstance of the birth of Nigeria, can anything be done to bring destiny and fate to conjure up some good for us all?
The elites are having a field day, but with each fleeting moment, three facts of life beckon, the rising of the sun, the setting of the moon and truth, only time will tell.
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
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